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FORT
WORTH, Texas, (January 24, 2011) - Hallmark Financial Services, Inc. (NASDAQ:
HALL) today announced an increase in its stock buyback program initially adopted
in April, 2008. The Board of Directors has authorized the repurchase
of up to an additional 3,000,000 shares of the Company’s common stock over the
original 1,000,000 shares authorized in 2008. To date, the Company
has repurchased an aggregate of 750,000 shares of its common stock under the
buyback program.

“This
increase in the authorization to repurchase shares under our buyback program
provides additional flexibility to the Company as it continues to evaluate its
available, alternative uses of capital in terms of those that will create the
highest return for stockholders,” said Mark Schwarz, Executive Chairman of
Hallmark.

Any
purchases under the stock repurchase program may be made from time to time in
privately negotiated transactions or in the open market, through block trades or
otherwise. The timing of purchases will be dependent upon market
conditions and other corporate considerations. These purchases may be
commenced or suspended at any time or from time to time without prior notice and
the stock repurchase program may be modified, extended or terminated by the
Board of Directors at any time. Repurchased shares will be held as treasury
stock, and will be available for use in connection with the Company’s long term
incentive plan or for other corporate purposes, as determined by the Board of
Directors. As of January 24, 2011, the Company had 20,124,169 shares
of common stock outstanding.

Hallmark
Financial Services, Inc. is an insurance holding company which, through its
subsidiaries, engages in the sale of property/casualty insurance products to
businesses and individuals. Hallmark’s business involves marketing,
distributing, underwriting and servicing commercial insurance, personal
insurance and general aviation insurance, as well as providing other insurance
related services. The Company is headquartered in Fort Worth, Texas and its
common stock is listed on NASDAQ under the symbol "HALL."

Forward-looking
statements in this Release are made pursuant to the “safe harbor” provisions of
the Private Securities Litigation Act of 1995. Investors are cautioned that
actual results may differ substantially from such forward-looking statements.
Forward-looking statements involve risks and uncertainties including, but not
limited to, continued acceptance of the Company’s products and services in the
marketplace, competitive factors, interest rate trends, the availability of
financing, underwriting loss experience and other risks detailed from time to
time in the Company’s periodic report filings with the Securities and Exchange
Commission.

For
further information, please contact:

Mark J.
Morrison, President and Chief Executive Officer at 817.348.1600

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